Foundry Commercial Adds 16 Communities to Growing Spring Arbor Management Platform
Real estate services and investment firm Foundry Commercial has added 16 senior living communities to its Spring Arbor management arm, growing the platform to now 40 communities nationwide.
The properties have expanded Foundry Commercial’s presence to South Carolina, Florida, Tennessee, Kansas, Nebraska, Iowa and Minnesota, the company announced in an Aug. 24 press release.
The properties are owned by four different capital providers, and some are currently stabilized with regard to occupancy, a representative for Foundry Commercial told Senior Housing News. The representative for Foundry declined to share the communities’ previous operators.
“We look forward to leveraging Spring Arbor’s experience and expertise to drive value for the owners of these communities, who include some of the most respected groups in our industry,” Kevin Maddron, Foundry’s president of healthcare services, said in the press release.
With the addition of 16 properties, Foundry and its joint venture operating partner, Cascadia Senior Living, now operate 54 communities across 12 states.
This is the second major community management growth Foundry has seen within two years. Last June, Foundry acquired HHHunt Spring Arbor Senior Living and its 24 communities, which at the time nearly doubled its senior living portfolio.
Foundry also expanded its real estate portfolio with the acquisition of White Springs Senior Living in Warrenton, Va. earlier in August.
Foundry first launched its healthcare and senior housing management platform in 2019 with a goal of acquiring, developing and managing senior living communities across the country.